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Criminalizing Mortgage Fraud
Earlier this week, Governor Deval Patrick (D-MA) introduced legislation that would criminalize mortgage fraud in Massachusetts. The bill would also ban foreclosure "rescue scams," slow down the state's foreclosure process, and constrict the use of adjustable rate subprime loans. Governor Patrick's effort follows up several other bills introduced this session to address predatory lending and the subprime meltdown.
Of course, in a bill like this, the details matter -- but this is one of the more aggressive approaches out there and worth taking a look at.
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